Milanov spent the majority of his playing career at Levski Sofia, but he also had several stints abroad at Vaslui, Tom Tomsk and APOEL.

[4] He did not missed a single match for his new team, and helped Vaslui finishing third in Liga I,[5] and reaching the Romanian Cup final, eventually lost at the penalty shootout.

[11] On 19 August, he scored his first goal for Vaslui, against Sparta Prague helping his team qualify for the first time to the UEFA Europa League's Group Stages.

[12] After his contract with Vaslui expired, Milanov joined Russian Premier League club Tom Tomsk on a free transfer on 24 June 2013.

Milanov returned to Levski Sofia in early September 2015 and played for the Blues during the autumn part of the 2015–16 A Group, receiving praise for his performance.

[15] He made his debut on 10 January 2016, playing the full 90 minutes in APOEL's 2–1 away victory against Aris Limassol for the Cypriot First Division.

[16] A few months after joining APOEL, he crowned champion as his team managed to win the Cypriot First Division title for a fourth time in the row.